Solana (SOL) Hits Record in New Addresses Amid $2B Inflows

In what is certainly a positive development for the asset, Solana (SOL) has reached a record in new monthly addresses amid $2 billion in inflows in a single day. Indeed, the asset has set the new all-time high new address mark for January. Subsequently, it has seen almost 12 million new addresses added that month.

The activity had led to a massive surge in price that at one point reached 15%. Currently, the asset is trading at just above $100, still up 3% over the last 24 hours, according to CoinMarketCap. Yet, a combination of the new addresses and the recent surge leaves many optimistic about its performance in February.

Also Read: Solana: Here’s How High SOL Can Go in February 2024

Solana Hits All-Time High in Monthly New Addresses

The digital asset market has not had the strongest start to 2024 thus far. Although we are still only a month into the new year, various tokens have been suffering from increased market volatility. Yet, one particular asset has seen a rather unexpected surge take place that could have legs for further increases.

Indeed, Solana (SOL) has reached a record in monthly new addresses on its network, while seeing $2 billion in inflows over the last 24 hours alone. Specifically, the asset saw 11.81 million new addresses in January, according to data from The Block. Moreover, that figure notes an 18% increase from the 10 million addresses that were added in December.

Also Read: Solana Breaches $100: How High Can SOL Go?

Before the record set this month, the previous mark was set in May of 2022. Then, the network added a notable 11.72 million addresses, which was handily surpassed this year. The increase was likely connected to a variety of factors.

Those include fresh engagement for meme coins like Wen and Bonk. Moreover, its native token arrived on Jupiter, which is the largest decentralized exchange on the network. Alternatively, an influx of inflows has also done wonders for the increased price of SOL.

Specifically, the market cap for Solana has reached $43.66 billion. Moreover, data from CoinMarketCap notes that the figure has increased by more than 6% over the last 24 hours alone. For the fifth-largest cryptocurrency by market capitalization, a maintained position above the $100 mark could be crucial to its overall price development in the coming weeks.